“Silvergate is one of several factors in Bitcoin’s underside test, ” Joe DiPasquale, CEO of crypto fund manager BitBull Capital, wrote in an email to Cryptox. “In addition to Silvergate, there is market concern of greater interest rate hikes by the FOMC and softening stock market prices. The SEC also shows increasing scrutiny of crypto. Taken together, the market has continued to tighten and retest support levels.”
